benactonbond
Short

It's not looking good for BTC

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
While we could spend days talking about crypto as an investment for the long term or news upsetting the state of the world, chart reading provides clear signals to evaluate Bitcoin in particular. Sitting at 42% dominance the world's biggest coin has somewhat recovered from the altcoin days, but is now showing clear signs of weakness. The head and shoulders pattern in December showed declining interest and profit taking (especially considering the large drop in OBV). A double top formation around the 11000 mark indicates a potential short position. The pattern did in fact break from the 9330 key level, though it has since recovered. If I had to guess I would say the 10000 level provides a nice psychological area for reversal, spilling down towards the head and shoulders target of 6000, maybe even breaking the low we saw on the 6th of February. Short Bitcoin all the way.
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